India's foreign exchange reserves jump $2.538 bn to $597.935 bn

Mumbai: India's foreign exchange reserves increased $2.538 billion to $597.935 billion for the week ended November 24, the Reserve Bank said on Friday.

In the previous reporting week, the overall reserves had jumped $5.077 billion to $595.397 billion.

For the week ended November 24, the foreign currency assets, a major component of the reserves, increased $2.14 billion to $528.531 billion, as per the data from the Reserve Bank of India (RBI).

Expressed in dollar terms, the foreign currency assets include the effect of appreciation or depreciation of non-US units like the euro, pound and yen held in the foreign exchange reserves.

Gold reserves were up $296 million to $46.338 billion during the week, the RBI said.

The Special Drawing Rights (SDRs) were up $87 million to $18.218 billion.

India's reserve position with the IMF rose $14 million to $4.848 billion in the reporting week, the apex bank data showed.

In October 2021, the country's foreign exchange kitty had reached an all-time high of $645 billion. The reserves took a hit as the central bank deployed the reserves to defend the rupee amid pressures caused majorly by global developments since last year.